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Healthpeak's (PEAK) Q4 results outshine estimates on better-than-anticipated revenues. Same-store cash NOI for the total portfolio improves year over year.
While the top- and bottom-line numbers for Healthpeak (PEAK) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Healthpeak Properties topped market expectations for fourth-quarter funds from operations (FFO) on Thursday, on the back of strong demand for its medical office and life science properties.
Healthy demand for Healthpeak's (PEAK) lab assets and a rise in senior citizens' healthcare expenditure are expected to have benefited its Q4 earnings despite high interest expenses.
Beyond analysts' top -and-bottom-line estimates for Healthpeak (PEAK), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended December 2023.
Real estate investment research firm Nareit claims that 2024 is the year REITs are “well-situated for outsized performance.” Nareit based their assessment on the assumption that the Fed is nearing the end of its current interest rate hiking cycle.
Solid demand for lab assets and rising healthcare expenditure by senior citizens bode well for Healthpeak (PEAK). However, competition from peers and high interest rates are woes.
Like broad markets, real estate stocks had a turbulent year in 2023. The first half of the year saw substantial downward pressure in both commercial and residential sectors due to interest rate hikes.
Amid the robust demand for lab assets, Healthpeak (PEAK) receives entitlements for the development of an additional 1.3 million square feet of lab space at its Vantage Campus.
Healthpeak is undervalued and has the potential to trade at a higher multiple due to its high-quality characteristics. The decline in market price is primarily due to multiple contraction, not a decline in earnings power. The concentration of lab exposure in San Francisco is a concern, but the market may have priced it in too harshly.